MTI Liquidators Face 9,441 Claims as $35.8M Estate Shrinks Before Payouts

Liquidators handling the collapse of Mirror Trading International have received 9,441 claims totaling nearly $395 million. As of Feb. 18, 2026, only $35.8 million remained available in the estate, down from $38.75 million reported in June 2024. Liquidators attributed the reduction to substantial costs tied to pursuing recovery efforts across multiple countries, including the United States, Canada, Europe, Singapore, and Australia. Earlier court filings were corrected regarding creditor counts, clarifying that a figure of about 304,044 represented registered users rather than victims. Many registered users are classified as class 3 investors who profited before the scheme ended. The scheme collapsed in December 2020 after the CEO disappeared while traveling in Brazil, later facing arrest and suspected death in 2024.

"Liquidators of Mirror Trading International, a massive South African crypto pyramid scheme, have received over 9,441 claims totaling nearly $395 million. MTI liquidators report $395.4 million in claims while only $35.8 million remains as of Feb. 18, 2026. FXChoice froze 1,281 Bitcoins in 2020, representing the bulk of the estate's current recovery. MTI investigators will now weed out class 3 debtors to finalize the total value of valid claims."

"Despite the massive volume of claims, the estate's available funds have continued to shrink. As of Feb. 18, 2026, only $35.8 million remained in the estate, a decrease from the $38.75 million reported in June 2024. According to a report, liquidators attribute the drain to significant costs associated with pursuing global recovery efforts across the United States, Canada, Europe, Singapore and Australia."

"The liquidators recently corrected earlier court filings regarding the number of creditors involved in the collapse. While initial documents filed in the Singapore High Court suggested approximately 304,044 creditors, officials clarified that this figure represents the total number of registered users. Many of these users are considered debtors rather than victims, as they were class 3 investors who turned a profit before the scheme's demise."

"The scheme collapsed in December 2020 after CEO Johann Steynberg disappeared while traveling in Brazil. Steynberg was arrested in 2021 for using a false identity and is believed to have died in April 2024 while under house arrest awaiting extradition."

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